The Hang Seng dropped 149 points or 0.6% to 24,325 on Thursday, snapping the four-day winning streak and retreating from a three-month high amid broad losses and profit-taking.
Investor caution resurfaced on worries that Wall Street's recent rally may have outpaced economic fundamentals, especially with persistent macro and geopolitical risks.
On Capitol Hill, Fed Chair Powell stated the Fed remains cautious in evaluating how tariffs are influencing consumer prices.
Pharma stocks weighed heavily on the index, with sharp declines in Innovent Biologics (-4.5%), Wuxi Biologics (-2.7%), and CSPC Pharma (-1.5%). Helping limit further downside, Premier Li Qiang voiced optimism over China's economic stability and its consumer-driven shift.
Meanwhile, Hong Kong's IPO market showed strength, with 31 listings raising HKD 88.4 billion by June 20—already surpassing 2024's total. In geopolitics, President Trump announced talks with Iran next week, as a fragile ceasefire with Israel holds.
Source: Trading Economics
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